Union Budget 2019: Key things you should know before the budget

Important Facts About India Union Budget: The upcoming budget 2019 will be sixth by Modi government and last, after which the country will soon head for general elections in April-May 2019.

Written by Sania Ashraf

Updated: January 31, 2019 17:47 IST

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Starting with better access to credit to helping them reduce the cost of borrowing, these measures provided the sector with a positive outlook.

Important Facts About India Union Budget: The Union Budget 2019 is going to be presented not by Finance Minister Arun Jaitley but by the interim Finance Minister Piyush Goyal. Confused? Here are key things you should know before the Narendra Modi-led government presents the budget for the fiscal year 2019-20.

Number of budgets by Modi govt.

The Modi-led government presented its first budget in 2014. The upcoming budget 2019 – interim budget – is going to be sixth by Modi government and last, after which the country will soon head for general elections in April-May 2019. The newly elected government will then present its own budget–the full budget for the FY19.

Interim Budget?

It has been a convention, not a constitutional binding, that the outgoing government refrains from introducing any major policy initiatives or any stark changes in tax structures in the budget announcement, considering it to be a prerogative of the next elected government.

Amidst debates of breaking away from that convention, the finance ministry on Wednesday officially announced that they will abide by the practice followed since independence and present an interim budget. Unlike the full budget that seeks approval of spending for the whole financial year, the interim budget seeks the parliament’s permission for spending for usually 4 months in the financial year – the period before the new government is formed.

Who will present the budget?

The budget is presented in the parliament by the finance minister. After presenting 5 budgets, this year, however, Arun Jaitley will not be available to roll out his budget as he is currently in the US for a medical check-up, which is related to his chronic kidney problem. This budget would have been his last for the term.

In the absence of Arun Jaitley, Minister of Railways Piyush Goyal has been elevated to assume the office of Minister of Finance and Corporate Affairs. Hence, Piyush Goyal – the interim finance minister will present the Union Budget 2019.

When is the announcement?

The interim budget is expected to be announced on 1 February 2019 around 11 am in the parliament.

Which is the session?

The short budget session began on 31 January 2019 with the President Ram Nath Kovind addressing a joint sitting of Rajya Sabha and the Lok Sabha. The session, which will last till 13 February will have a total of 10 sittings for both the houses.

This article was first uploaded on January thirty-one, twenty nineteen, at eight minutes past five in the evening.